410,000 Shares in M&T Bank Corporation $MTB Acquired by Davis Asset Management L.P.

Key Points

• Davis Asset Management acquired 410,000 M&T Bank shares worth approximately $97.6 million, making MTB 2.5% of its portfolio. Institutional investors collectively own 84.68% of the company.
• M&T Bank exceeded quarterly expectations, reporting $5.35 in EPS versus the $4.66 consensus and revenue of $2.53 billion. Analysts maintain a consensus “Hold” rating with an average price target of $253.43.
• The bank declared a quarterly dividend of $1.50 per share, or $6.00 annualized, representing a 2.5% yield and a 31.68% payout ratio.

Davis Asset Management L.P. bought a new stake in M&T Bank Corporation (NYSE:MTB - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 410,000 shares of the financial services provider's stock, valued at approximately $97,584,000. M&T Bank comprises 2.5% of Davis Asset Management L.P.'s portfolio, making the stock its 15th largest position. Davis Asset Management L.P. owned 0.28% of M&T Bank at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MTB. Danske Bank A S acquired a new position in shares of M&T Bank in the 2nd quarter worth approximately $34,683,000. Commerzbank Aktiengesellschaft FI acquired a new stake in shares of M&T Bank during the second quarter worth $1,813,000. Trust Co. of Vermont acquired a new stake in shares of M&T Bank during the second quarter worth $5,258,000. Plato Investment Management Ltd bought a new position in M&T Bank during the second quarter worth $1,349,000. Finally, Bank of New York Mellon Corp bought a new position in M&T Bank during the second quarter worth $330,978,000. Institutional investors and hedge funds own 84.68% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MTB. Cantor Fitzgerald boosted their target price on shares of M&T Bank from $262.00 to $285.00 and gave the company an "overweight" rating in a report on Wednesday. Wall Street Zen upgraded M&T Bank from a "sell" rating to a "hold" rating in a report on Monday, July 20th. Royal Bank Of Canada lifted their price objective on M&T Bank from $230.00 to $255.00 and gave the stock an "outperform" rating in a research report on Thursday, July 16th. Wells Fargo & Company boosted their price objective on M&T Bank from $215.00 to $224.00 and gave the company an "underweight" rating in a research note on Thursday, July 16th. Finally, Morgan Stanley upped their target price on M&T Bank from $245.00 to $253.00 and gave the company an "equal weight" rating in a research report on Monday, June 29th. Seven equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $253.43.

M&T Bank Stock Up 1.0%

M&T Bank stock opened at $240.61 on Friday. The company has a market capitalization of $34.75 billion, a PE ratio of 12.70, a PEG ratio of 1.11 and a beta of 0.57. M&T Bank Corporation has a 12-month low of $174.76 and a 12-month high of $255.95. The firm's fifty day moving average is $243.19 and its 200 day moving average is $225.55. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.53.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 EPS for the quarter, topping analysts' consensus estimates of $4.66 by $0.69. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. The business had revenue of $2.53 billion during the quarter, compared to analysts' expectations of $2.46 billion. During the same period last year, the company posted $4.28 earnings per share. As a group, sell-side analysts predict that M&T Bank Corporation will post 19.43 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 1st. M&T Bank's dividend payout ratio is 31.68%.

M&T Bank Company Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.

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